Trying not to be too clever

Before he became one of London’s most admired fund managers, Jonathan Ruffer had, by his own account, two spectacularly unsuccessful spells as a barrister. Not long into our interview, I gain a clue as to why this seemingly harsh self-assessment might be true. We’re discussing the credit crunch, which he predicted well before it hit, and policymakers’ responses to it. Ruffer is explaining where the Japanese went wrong 20 years ago when their economy first showed signs of slumping into debt deflation, from which it has still fully to recover. ‘So what you’re saying they should have done is …’ I prompt, not certain that readers would follow Ruffer’s meaning to this point. ‘Borrowed more money. Devalued the currency,’ he replies. ‘The point is… um… there was about to be a brilliant point, Jonathan, and it’s gone.’ ‘I interrupted you,’ I apologise. ‘No, not at all. But write down “brilliant point… to be confirmed later!”’ Which I do, though not before wondering how this approach might have played before a po-faced High Court judge.